With the accelerated digital transformation over the past few years, businesses of all kinds have expanded their global reach – a historically unlikely capability.
Innovation in the payments industry has made bill payment more convenient than ever, with mobile-first consumers able to pay from anywhere, using all types of payment, at any time.
Global retail e-commerce sales are on track to reach $7.4 trillion by 2025, with consumer payments driving sales at checkout. Moreover, the COVID-19 pandemic has only accelerated online shopping habits, with 51% of global consumers saying they plan to make more cross-border purchases.
For many retailers, adding apps was a must to survive the restrictions on brick-and-mortar shopping. However, in a rush to get apps to market, many were built without security features to prevent fraudsters from copying the apps, altering them, and turning them into phishing apps that impersonate the retailer’s brand.
One of the US verticals poised for ongoing change in the coming year is the direct selling vertical, specifically those that rely on subscription models, including offering free trials that convert into subscriptions.
Protecting customer privacy and security has always been a priority for financial services, but as new developments like password-less logins; open, standardized platforms; and peer-to-peer (P2P) payments transform the space, businesses of all sizes need to know how to keep up with innovation and not get left behind.
New research from Boku predicts the mobile wallet adoption gap between North America and the rest of the world will continue to grow through 2025. Nearly 60% of the world’s population will use a mobile wallet by 2025 – that’s 4.8 billion mobile wallets. But the growth will be much faster in developing countries.
The fraud landscape shifted dramatically as criminals boldly increased the hijacking of victims’ online lives with the cost of fraud jumping to $52 billion according to the 2022 Identity Fraud Study: The Virtual Battleground by Javelin Strategy & Research.
Calvin Wilxcox
This year, businesses need to offer contactless options at the point of sale to stay competitive, including adding NFC-enabled terminals to support mobile wallets or providing scannable QR codes. Ecommerce retailers can also catch the contactless-payments wave by adding digital wallet options to their checkouts.
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